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Oil and Gas
Falkland Islands to benefit from economic boom after talks with oil company about huge oilfield
British territory consults with islanders about plans to drill 500m barrels for oil
First time in history the Falkland Islands have opened their waters to oil exploration, which could lead to an economic boom.
The ruling council of…
BP halts all new offshore wind project and imposes a hiring freeze
In an apparent effort to appease investors unhappy with BP 's green goals, the head of BP imposed a hiring ban and halted all new offshore wind projects.
Murray Auchincloss was BP's former Finance Chief and took on the role of in January…
Exxon’s massive project could be the last source of petroleum in the world
ExxonMobil executives work in a six-storey office building in the capital of Guyana, Georgetown. They are figuring out how to expand what is one of the world's largest offshore oil projects.
US energy giant, Hess, and Chinese group Cnooc…
Adnoc’s long Covestro pursuit will result in the largest takeover in Europe this year
Last week, Sheikh Mohammed bin Zayed al-Nahyan found an Adnoc request in his in-tray.
Can the team that is bidding on Covestro, Germany's biggest company, show goodwill with a sweetening of €2 per share, or 3 percent?
Sheikh Mohammed…
Joe Biden’s flagship hydrogen project faces increasing opposition
The future of one of the Biden Administration's flagship projects, to derive electricity from hydrogen, is uncertain due to community opposition. This highlights the difficulty in implementing a technology that was once touted as a key…
By the end of next year, oil prices will drop to $60. This is good news for drivers
Experts warn that global oil surplus is'staggering,' and could lead to a drop in petrol prices
Analysts predict that oil prices could drop to $60 (£47), a barrel, in the next 18-months.
In response to predictions of a global oil…
Energy watchdog warns of a’staggering oil glut’ by the end of the decade
International Energy Agency warns that the world will face a "staggering surplus" of oil by the end decade. This is equivalent to millions of barrels per day as oil companies continue to increase production.
The IEA's annual report on…
New Zealand lifts oil drilling ban amid fears of blackouts, a blow to Starmer’s plan
On Saturday night, New Zealand's government was expected to lift a ban on oil and gas drilling amid fears of blackouts. Labour also plans to implement a similar crackdown in the North Sea.
The coalition government of the country is…
Weekly Industry Highlights: Key Updates in Oil, Gas, and Mining Sectors
The weekly highlights in both the oil and gas industry and the mining sector feature significant updates from various companies, shedding light on ongoing activities and advancements within these industries.
North Sea oil project delayed due to tax uncertainty ahead of election
Three oil and natural gas companies delayed making a decision about a new project in the North Sea, due to uncertainty regarding whether a possible Labour government would increase windfall tax penalties.
The Buchan project, worth £900…
Russia-China gas pipeline deal stalls over Beijing’s price demands
Three people with knowledge of the situation say that Russia's efforts to reach a deal on a major pipeline with China have been stymied by what Moscow views as Beijing's unreasonable requirements regarding price and supply.
Beijing's…
The oil alliance Opec+ has extended the crude production restrictions to 2025
In an effort to boost crude prices, the Opec+ group has agreed to extend many of its production restrictions into next year.
The Opec cartel, along with its allies, including Russia, decided at a ministerial gathering in Riyadh, on…
Study finds that countries do not need to issue any new licences for oil, coal or gas
According to a major study directed at politicians, the world already has enough fossil-fuel projects planned to meet forecasts of global energy consumption up to 2050. Governments should therefore stop issuing oil, coal and gas licences.…
ExxonMobil, Chevron and other oil companies gather investors following the latest mega-deal
On Wednesday, shareholders of ExxonMobil as well as Chevron met for their annual meetings amid criticism from politicians and climate activists.
ConocoPhillips announced its plans to purchase Marathon Oil for $17.1bn in all-stock…
Shell and Exxon sell £390m in North Sea gas fields
Shell and ExxonMobil have reached an agreement to sell two gas fields in the North Sea for $500m (£390m), despite the fact that the companies are continuing their retreat from the UK oil basin.
The two are finalizing a deal for the sale…
Chevron deal clears hurdle as Hess investors back $53bn takeover
Hess's shareholders approved a $53bn acquisition by Chevron. This is a controversial deal at the center of a high profile brawl among America's top oil companies.
Investors voted on Tuesday to accept Chevron’s offer, despite concerns…
Chevron bids to purchase $150bn oil project welcomed by Guyana’s President
Guyana's President said that he welcomes Chevron to join the ExxonMobil consortium operating the $150 billion offshore oil project of the country. This is ahead of the crucial vote by Hess's shareholders regarding Chevron’s controversial…
US oil giant pulls out of North Sea following industry meeting with Hunt
Chevron, the US oil giant, has announced that it will leave the North Sea after more than 55 years. This announcement comes just a day after Jeremy Hunt rejected industry requests for support in a private meeting.
Chevron announced that…